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Hut 8 Mining Secures $50 Million Credit Line from Coinbase to Bolster Bitcoin Mining Operations

26 June 2023
in Business, News
Reading Time: 3 mins read
105 5
Home Business

Canadian cryptocurrency startup Hut 8 Mining has secured a $50 million credit line from US-based exchange Coinbase. 

Hut 8 announced this development on June 26, 2023, after it completed the credit agreement with Coinbase Credit, the lending division of Coinbase.

Under the credit facility, Hut 8 Holdings, a subsidiary of Hut 8, will receive a $15 million term loan, which is expected to be funded shortly after the agreement’s closing. Additionally, there is the option for a second borrowing of $20 million in a delayed-draw term loan tranche, available one to two months after the closing. The facility also includes a third borrowing offer which is an additional delayed-draw term loan tranche of $15 million.

The company stated that the funds obtained from the credit line would be used for general business purposes. 

Jaime Leverton, Hut 8’s CEO, emphasized that this credit arrangement provides the company with increased financial flexibility, particularly as the Bitcoin halving event approaches. (The next halving will reduce the block reward for miners from 6.25 BTC to 3.125 BTC.) Leverton stated that the credit facility will ensure Hut8 is able to continue its flexible Bitcoin treasury management policy.

Despite the challenging financial conditions faced by the Bitcoin mining industry, Hut 8 has remained committed to its “long-standing HODL strategy” of holding onto Bitcoin. While other mining companies, like Argo Blockchain, were forced to sell off portions of their BTC holdings during the difficult market of 2022, Hut 8 continued its operations and retained its tokens. In their Q1 2023 financial summary, Hut 8 reported custody of 9,133 self-mined Bitcoin as of March 31, 2023. 

Leverton also expressed the company’s commitment to strategically increase their Bitcoin holdings ahead of the halving, as well as expand their high-performance computing (HPC) business.He also noted the company’s interest in exploring opportunities within the growing artificial intelligence market.

Looking ahead, Hut 8’s completion of the previously announced merger with US Data Mining Group (US Bitcoin) will also unlock further borrowing opportunities. The third borrowing option within the new Coinbase Credit agreement will be available within 15 working days of finalizing the merger.

Hut 8 is a leading innovation-focused digital asset miner in North America. They are guided by a team of business-building technologists who hold a highly optimistic view of bitcoin, blockchain, Web 3.0, and the integration of emerging and established high-performance computing realms. With two operational digital asset mining facilities in Southern Alberta, Hut 8 ranks among the most productive companies in the sector and possesses one of the largest inventories of self-mined Bitcoin worldwide.

 

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

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Durotimi is a writer who is interested in writing about emerging technologies such as blockchain, Web3, crypto, and AI. He studied business administration and management. He desires to be an entrepreneur and movie director sometime in the future.

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